The Balanced Scorecard management system makes it possible for business owners to clarify their strategic plans and vision in order to get the most out of the adopted strategy. Thus, an effective and timely implementation of this system is the basis for further development and advancement of any organization. This process should be organized as an individual project with regard to the needs and a current situation of a company.
The very process of BSC implementation can be subdivided into 5 steps, namely model creation, technical and organizational implementation, technical incorporation and BSC implementation itself. Some of these steps are generally undertaken simultaneously, which contributes to the efficacy and speed of the implementation process. Let us have a closer look at each of these phases below.
As soon as the company feels the need to implement Balanced Scorecard, managers and employees should search for the consensus between their personal vision of business functioning and the strategy that was previously defined and adopted. This is done during the model creation phase and the result of this process helps company owners undertake specific measures to design key performance indicators that are currently critical for their business.
During the second step known as the technical integration phase all the strategies, visions, measures, KPIs and critical success factors are incorporated into the integral and comprehensive system. This phase involves such steps as software installation, personnel coaching, scorecard creation, setting up business objectives, collecting relevant data and generating customized reports.
The next phase is referred to as the organizational implementation part. This is when the Balanced Scorecard system is integrated into the reporting and management processes of the company. Technical incorporation, in its turn, is the fourth stage of the BSC implementation process that is performed with the intention to minimize the effort required for the collection of the measurement data. At this stage the measurement system is completely integrated into the company's databases, operational IT systems as well as CRM (Customer Relationship Management) and ERP (Enterprise Resource Planning) systems. Steps that comprise this phase include identification of the source systems and related measures, database analysis and examination of the functional potential of operative systems, identification, collection, alteration and scheduling of data and implementation of the BSC system itself.
The final phase that is known as operation of the balanced scorecard system, is all about creating and developing metrics that will be further used to measure company's performance. This is when the organization gets the idea of what exactly drives it efficiency and success. The following tasks are essential here: updating of data being measured, analysis of the initial BSC results, reporting the outcomes and improvement of the current model.
The advantages of BSC implementation are mainly observed when it is integrated into the everyday business operations. Thus, this business management tool should be used consistently in the strategic planning of a company performance. The costs and efficacy of the measurement process depend upon the current performance of a company and its position in the markets, its most urgent problems, complexity of the procedure and number of people involved into it.
The very process of BSC implementation can be subdivided into 5 steps, namely model creation, technical and organizational implementation, technical incorporation and BSC implementation itself. Some of these steps are generally undertaken simultaneously, which contributes to the efficacy and speed of the implementation process. Let us have a closer look at each of these phases below.
As soon as the company feels the need to implement Balanced Scorecard, managers and employees should search for the consensus between their personal vision of business functioning and the strategy that was previously defined and adopted. This is done during the model creation phase and the result of this process helps company owners undertake specific measures to design key performance indicators that are currently critical for their business.
During the second step known as the technical integration phase all the strategies, visions, measures, KPIs and critical success factors are incorporated into the integral and comprehensive system. This phase involves such steps as software installation, personnel coaching, scorecard creation, setting up business objectives, collecting relevant data and generating customized reports.
The next phase is referred to as the organizational implementation part. This is when the Balanced Scorecard system is integrated into the reporting and management processes of the company. Technical incorporation, in its turn, is the fourth stage of the BSC implementation process that is performed with the intention to minimize the effort required for the collection of the measurement data. At this stage the measurement system is completely integrated into the company's databases, operational IT systems as well as CRM (Customer Relationship Management) and ERP (Enterprise Resource Planning) systems. Steps that comprise this phase include identification of the source systems and related measures, database analysis and examination of the functional potential of operative systems, identification, collection, alteration and scheduling of data and implementation of the BSC system itself.
The final phase that is known as operation of the balanced scorecard system, is all about creating and developing metrics that will be further used to measure company's performance. This is when the organization gets the idea of what exactly drives it efficiency and success. The following tasks are essential here: updating of data being measured, analysis of the initial BSC results, reporting the outcomes and improvement of the current model.
The advantages of BSC implementation are mainly observed when it is integrated into the everyday business operations. Thus, this business management tool should be used consistently in the strategic planning of a company performance. The costs and efficacy of the measurement process depend upon the current performance of a company and its position in the markets, its most urgent problems, complexity of the procedure and number of people involved into it.
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